Healthcare

➤ Single Specialty Models

Service models offering patient-centric care through dedicated processes and infrastructure built around a specific therapeutic area while also solving for accessibility, reach and care quality. We like clinician-led models with limited dependency on other specialties and clear codification of processes to enable scale-up. For example, MOC standardizes several aspects of oncology care delivery across clinical protocols, doctor experience, nursing, administrative support, and infra. IVF, ophthalmology, maternity, and pediatrics are a few other segments that exhibit similar characteristics.

➤ Diagnostics

While the Indian diagnostic market is still dominated by standalone centers, with a growing trend towards organized players, we see a massive opportunity to build integrated omnichannel models focusing on preventive testing, continuity of care, and a ‘non-hospital-like’ premium patient experience. We believe customers would pay a premium for reliable, high-quality service brands outside of hospitals, leading to large profit pools for new players.

➤ Health Assurance

While private health insurance penetration is rising, employer-led group insurance is the fastest-growing segment. Employees are seeking better-integrated inpatient and outpatient care services with their health plans. E.g., Loop Health offers a primary care platform across consultations and diagnostics bundled with partner insurance companies, resulting in better employee NPS. Non-group health insurance plans are also increasingly bundling care offerings like digital therapeutics and care plans (e.g. Curelink’s pregnancy & PCOS care plans), and primary care to drive member engagement beyond episodic events (claims filing) and control population health. We are bullish on these payvidor models that integrate health insurance across inpatient and outpatient benefits.

Healthcare presents a tremendous opportunity for vertical AI. With significant inefficiencies in healthcare expenditure and ongoing shortages of clinical and non-clinical staff, particularly in developed markets, we are excited about the potential for Indian founders to create AI-driven products and services that address critical pain points across hospitals, payers, and pharma/life sciences companies. We are seeing successful applications in revenue cycle management (RCM), specialized diagnostics, drug discovery and commercialization, AI-powered workflow management, and claims processing, among others.

We are excited about leveraging AI to enhance the offshoring of healthcare services to India. India has been a major hub for offshoring various healthcare services from developed countries, including clinical documentation, revenue cycle management (RCM), sales and marketing, regulatory operations for pharmaceutical and life sciences companies, and claims processing and adjudication for payers. These services can be augmented with generative AI and agentic models, supported by a human-in-the-loop approach.

Indian healthcare-focused technology services companies have been trusted partners for global health systems and pharmaceutical companies for decades, and they are uniquely positioned to capitalize on the AI opportunity.

Although India has arrived only recently on the global health devices scene compared to its global leadership in pharmaceuticals and healthcare delivery, we are now witnessing the rise of high-quality and innovative medical device manufacturers developing products for global markets, particularly in consumables and point-of-care (POC) devices. We are particularly excited about POC devices leveraging AI models to disrupt existing products in the market. We are also excited about innovations in consumer-focused devices like wearables (e.g., rings, heart monitors, fertility monitors) built for the world.